Airdrops — Free Crypto, Free Cash

HEht...Y33V

16 Jan 2024

One way to make money in crypto without investing? Airdrops.
This year is just getting started, and we’ve seen projects like Manta, Namada, and XAI announce their airdrops already.
That’s easily over five figures for those who qualified.
The truth is, that’s just the tip of the iceberg, as there’s more to come.

What is an airdrop?

Airdrop is a marketing strategy that crypto projects use to create awareness and bring hype to their projects by giving out free tokens. Some projects will require certain tasks; some will just give to random wallets based on raffle drawings; and some will just give to their early supporters.
Some of the popular airdrops from last month were $JTO, $JUP, and $PYTH. Their participants made a lot of money.

Projects with Airdrops

There is a lot of noise and threads on X (formerly Twitter) about airdrops these days from “creators” who are farming for engagements.
The key to staying profitable with airdrop hunting is to engage with projects that are really worth it. You don’t want to spend time on a project only to hear there’s no airdrop or it has been cancelled.
But how do you spot projects with airdrops?

Check out the announcement.

Some projects will openly announce that they will have airdrops and tell you what to do to qualify. Look for those.

Check out the community.

Not all projects with airdrops will announce it to avoid over-farming. That’s where the community comes in. Check the community and ask the moderators.
I like checking project discords or telegram communities, and then I’ll search for terms like “incentives” or “airdrop” to see what others have been saying.

Check the funding.

Usually projects with good airdrops have robust funding from VCs and investors. A project with, let’s say, $500k won’t have profitable airdrops. Look for projects with millions of dollars in funding.

Check the tokenomics.

Does the project’s tokenomics have a community allocation? That could be a sign, even if they don’t openly announce it.

Follow airdrop writers.

Sometimes, projects approach these influencers to write about their airdrops and provide easy guides for people to follow. In turn, the writers and influencers get referral commissions.
Some of the top airdrop writers I follow are:
— AbrahamChase
— MilesDeutscher
— MingoAirdrop
— Leshka.eth

How do you position yourself?

Remember, the market is green again, and many more projects will be launching soon. A lot of them will give airdrops to their early community members and supporters.

Join Discord communities.

Some projects’ discord communities have roles like “OG” that you can claim when you stay active, engage in conversations, and help members of the community.

Participate in the Zealy and Galxe tasks.

Some projects have Zealy or Galxe tasks you can participate in daily to earn points. The more points, the better, and remember to participate in as many tasks as possible.
Last week, I didn’t qualify for the Tonka airdrop because I had zero referrals.

Testnets

Projects use testnets to get feedback from developers and community members before their platform goes live. Some projects will reward those who participated in the testnet activities.

Bridging, trading, and staking

Bridging simply means moving assets from one chain to another. When it comes to bridging, trading, or staking, volume is very important, so you might have to bridge to-and-fro multiple times if you have low funds.

Node running

This can be somewhat technical and sometimes a bit pricy, but lots of projects with nodes usually give airdrops to their operators or validators as a reward for supporting the network.

Security

While airdrops sound interesting, I mean, who doesn’t want free crypto, right?
Some scam projects are using it as bait too. Once they announce airdrops and people connect their wallets to their platforms, they gain access to the assets in the wallet.
So while hunting, security should be at the back of your mind, and what I do is have a different wallet for airdrops.

Conclusions

Let’s face it, after checking multiple projects, a lot will match what you want, but don’t just rush in because you hear “there’s an airdrop” or “there’s an incentive.”
Remember, you can’t farm everything.
Just pick the few you feel will be profitable, and then you go all in.
If you prefer this guide in video format, check out my YouTube channel.
Happy farming! Remember to follow for more.

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Cryptocurrency
Crypto
Airdrop
Blockchain
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Written by Cryptonalyses

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I’m a blockchain analyst and researcher. I write about projects and break down complex blockchain terms and processes for anyone to read and understand.